Sep12
Kentucky Launches Regulated Sports Betting Market with a Bang
Colorado Introduces The Bill To Legalize Land-Based, Online and Mobile Sports Betting, Sent to Committee on Appropriations for Review
April 25, 2019 Aleksandra Zolotic
A group of senators and representatives in Colorado have ed forces and decided to put forward the bill which aims to legalize in-person, web-based as well as mobile sports wagering in the state. The Bill HB 19-1327 has already been introduced to the House and…
…is currently under consideration with the Committee on Appropriations. Two senators, Kerry Donovan and John Cooke, as well as two representatives, Alec Garnett and Patrick Neville, are ing the bill, which should before Colorado’s current legislative session ends on May 3rd. If it comes into law, the bill will become effective from May 1st, 2020.
Three Types of Licenses
As the proposed Bill clarifies, only a limited number of certifications will be available. Still, the exact number is not defined yet. There will be three different types of licenses: master, sports betting operator and an internet sports betting license. The first type mentioned, the master is reserved only for entities which are currently allowed to offer gaming services in Colorado. The owners of such license…
… will have the permission to operate in-person sports wagering. In addition to this, they will be able to team up with the suppliers which hold any of the two remaining types of certifications- sports betting or internet sports wagering license. Moreover, master licensees will be allowed to work with only one of each, while the operators will have permission to hold both types.
Establish Commission to Assume Responsibility
Among the other vital points on the new bill is establishing a body in charge of regulation. The New Gaming Control Commission, like the ones in the UK, should not only regulate the market but assume responsibility for awarding licenses, be they temporary or permanent. Another key point of the bill is…
…10% tax rate on the net proceeds of the sports wagering activity to fund implementation of the state water plan and other public purposes, such as promoting responsibility. The voters should approve this measure at the state’s general election which takes place in November this year.
No Clear Info on Certificate Costs
The exact fee for the license is still not familiar. However, it is specified that the amount would cover the Commission’s costs of processing the initial application as well as any additional background investigations which do not exceed $150,000 (£115,400/€133,300). In addition to this…
…it is still not precisely defined whether the web-based and mobile wagering will be permitted only at certified establishments state-wide. However, it is specified that the apps need to be of the same brand as the accompanying site.
Source:
“Colorado makes late play for legal sports betting”, igamingbusiness.com, April 23, 2019.
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More and more states are opening their door to accept these forms of betting s legal. If the bill clearly defines all the conditions, there are no reasons to fail.